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In a new Economic Policy Institute briefing paper, Putting America back to work, Ross Eisenbrey, Lawrence Mishel, Josh Bivens and Andrew Fieldhouse outline key criteria by which job creation proposals should be judged and present a list of proposals that would create a significant number of jobs.
This list is not exhaustive, but it does illustrate the types and scale of policies needed to put a real dent in joblessness in the near term. Will the policy make a real difference in job creation in the next 24 months? Is the policy effective and efficient? How is the policy funded?
Is the policy at the appropriate scale to produce a substantial number of jobs? The job creation proposals are divided into three rough categories: The authors explain that the cost of a job creation program actually decreases with its cost-effectiveness. In other words, the more effective policies are at creating jobs, the more they partially finance themselves.
The job creation proposals are: Temporarily increase disposable income for low- and middle-income consumers by renewing the payroll tax cut or replacing it with a refundable tax rebate, to create roughly 1 million jobs. Renew the Emergency Unemployment Compensation program, increasing employment byjobs.
Restore the increased federal Medicaid matching rate, easing state-level budget cuts and tax increases, to create or savejobs or more in one year.
Enact a direct job creation program to put up to 2. Enact a job creation tax credit for firms that add employees, increase hours, or raise wages for rank-and-file workers, which could create 2.
Implement a federally subsidized work-sharing program, which could employ 1 million more people over the next year. Elicit further monetary support from the Federal Reserve, which could resume large-scale asset purchases and announce a higher inflation target, increasing employment by 2 to 3 million jobs.
End currency manipulation by countries that trade with the United States, which could increase employment by up to 2. Encourage widespread mortgage refinancing to reduce mortgage payments and keep people in their homes, which could increase employment by 62, tojobs.
Finally, without changes to the debt ceiling deal, any new job creation legislation will result in the federal government reaching the new debt ceiling more quickly and likely lead to another round of protracted negotiations that will almost surely result in nothing that lowers unemployment.
A better choice would be for federal lawmakers to repeal the statutory debt limit. All across the country, Americans are talking about the unemployment crisis and their fears for themselves and their children. For too long this widespread concern has been overlooked by Washington, D.
But with slow U. In fact, the Obama administration announced that on September 8 it will outline a plan on for creating jobs, further focusing attention on this issue.
A renewed emphasis on job creation is desperately needed. Among black and Hispanic workers, nearly one in four is unemployed or underemployed in a typical month.
Unemployment has doubled since for each educational group, including college graduates and workers with advanced degrees. Polling shows that more than 40 percent of families have been directly affected by unemployment in the last year, a condition that has prevailed since June Mishel and Shierholz Economic forecasters tell us that unemployment will remain high for the foreseeable future.
The Blue Chip consensus indicates unemployment will be 8.
The latest Congressional Budget Office projections show unemployment averaging 7. This paper presents a menu of policies that could generate millions of jobs and put the unemployment rate on a steep downward trajectory.
Many observers and policymakers will be putting forward ideas in the near future, so it is important to first present criteria for judging the merits of jobs policies.
The four most important criteria are detailed below: Since robust job growth should extend beyond the next 24 months, we should also ask whether a plan will ensure sufficient economic growth to drive steep declines in unemployment beyond This criterion is important because some policies already suggested by Congress and the administration will generate jobs too slowly, with little or no impact in the near term.
For instance, policies mentioned by the Obama administration, such as patent reform and new trade treaties, will do little to lower the unemployment rate over the next two years. Similarly, when conservatives argue for reduced regulation or immediate deficit reduction, they are arguing for policies that even their proponents should acknowledge will not substantially reduce joblessness in the near term and, in the case of deficit reduction, will amplify unemployment.
Only policies focused on knocking down the near-term unemployment rate should be proffered as an answer to this pressing problem. Criterion two Is the policy effective and efficient?
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A jobs plan should be an effective use of resources so that each billion dollars in either expenditures or lost revenue generates more jobs than alternative plans.West of the South China Sea is the island of Hainan, seen at bottom-center, which separates the sea from the Gulf of Tonkin to the west.
In this image, the Gulf of Tonkin is saturated with what seems to be a mixture of sediment and phytoplankton. Price inflation in the US will likely increase, and the Fed, fearful for bond markets and asset prices generally, will be too slow in its response.
In any event, raising interest rates does not restrict the money quantity, which according to monetarist thinking is what will be required to bring price inflation .
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